sweden’s sinch to expand into latam thanks to acquisition of wavy
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Contxto – Swedish cloud-computing and telecom company, Sinch, made a significant move into the Latam region the previous week. Last Thursday (26) it announced that it would be “joining forces” to accelerate innovation and grow in Latin America.
Although by “joining forces” Sinch was referring to its acquisition of Brazilian messaging startup, Wavy.
The Stockholm-based company wants to buy Wavy for R$355 million (about US$69.5 million) and 1,534,582 new shares in Sinch. I say “wants” because the acquisition is subject to regulatory approval by Brazilian government authorities.
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When that happens and all the necessary paperwork is filed, Wavy’s CEO, Eduardo Henrique, will join Sinch’s senior management team. But that’s not all.
Movile Group, the startup that created Wavy also announced today (30) that it has appointed Patrick Hruby as its new CEO.
Wavy making waves
Movile Group is a holding company from Brazil that’s developed, as well as invested in, tech-based startups, thus, nurturing the regional ecosystem in Latam.
And in 2018, Wavy emerged as its “strategic communications arm.” Correspondingly, the newborn’s mission was to innovate and develop artificial intelligence (AI) tech to “connect people and companies.” Although it’s ultimately evolved into a big developer of messaging solutions.
Much to the startup’s credit, it’s proven that its products speak for themselves.
I say this because Wavy has major financial companies like Caixa and CitiBanamex in its customer portfolio. Startups like iFood also rely on its messaging solutions. As a result, in a year it’s handled over 13 billion messages and experienced a year-on-year growth above 250 percent.
Wavy’s portfolio of products consists of all things messaging, with a customer experience-centered approach.
So some of the tech that may pass onto Sinch’s hands include APIs, a customer service platform, a messaging system, chatbots, and a lead generator.
And, let’s not forget that with Wavy come its connections to over 50 mobile operators in the region.
No doubt Sinch wants to make a splash in Latin America, and Wavy’s one big way of doing so.
Wanna hear more? We recommend you listen to the following podcast episode: Capitalizando la pandemia. You can find the time stamp available in the description.
Related articles: Tech and startups from Brazil!
-ML
